02'(/.21'(16$&<-1(2%/2.8(1(5(7<&=1(*2

(1)

02'(/2:$1,(,1ĩ<1,(56.,( ,661;

V*OLZLFH

02'(/.21'(16$&<-1(2%/2.8(1(5(7<&=1(*2

./$6<0:=:<.25=<67$1,(0$3/,.$&-,*DWH&\FOH

⁷⁰

0

$5&,1

:

2à2:,&=

.

5=<6=72)

%

$'<'$

-

$526à$:

0

,/(:6.,

,QVW\WXW7HFKQLNL&LHSOQHM3ROLWHFKQLND:DUV]DZVND

HPDLOPDUFLQZRORZLF]#LWFSZHGXSONU]\V]WRIEDG\GD#LWFSZHGXSOMDURVODZPLOHZVNL#LWFSZHGXSO

6WUHV]F]HQLH : SUDF\ ]RVWDá ]DSUH]HQWRZDQ\ PRGHO NRQGHQVDF\MQHJR EORNX

HQHUJHW\F]QHJR NODV\ 0: 3U]HGVWDZLRQR ]DáRĪHQLD GR EXGRZ\ PRGHOX

PDWHPDW\F]QHJR XNáDGX FLHSOQHJR RUD] RPyZLRQR SRV]F]HJyOQH JUXS\ PRGHOL

F]ąVWNRZ\FK SRMHG\QF]\FK PDV]\Q L XU]ąG]HĔ QS WXUELQD Z\PLHQQLN FLHSáD

LWS ZFKRG]ąF\FK Z VNáDG FDáHJR XNáDGX ZUD] ] LFK SDUDPHWUDPL

LFKDUDNWHU\VW\NDPLSU]\MĊW\PLGR]DPRGHORZDQLD

:67ĉ3

=PQLHMV]HQLH HPLVML JD]yZ FLHSODUQLDQ\FK MHVW MHGQ\P ] QDMZDĪQLHMV]\FK FHOyZ G]LDáDĔ

SRGHMPRZDQ\FK SU]H] (XURSĊ -HGQą ] PRĪOLZRĞFL MHVW SRSUDZD VSUDZQRĞFL LVWQLHMąF\FK

EORNyZ HQHUJHW\F]Q\FK : W\P FHOX GRNRQXMH VLĊ UyĪQ\FK PRG\ILNDFML 1LHPRĪOLZH MHVW

SU]HSURZDG]HQLH EDGDĔ QD U]HF]\ZLVW\FK RELHNWDFK .DĪGD LQJHUHQFMD Z ]PLDQĊ VWUXNWXU\

XNáDGXFLHSOQHJRMHVW]E\WNRV]WRZQDGODWHJRZFHOXSU]HDQDOL]RZDQLDUyĪQ\FKSU]\SDGNyZ

QDOHĪ\]EXGRZDüRGSRZLHGQLPRGHOEORNXNRQGHQVDF\MQHJR1DSRGVWDZLHWDNLHJRPRGHOX

EĊG]LH PRĪQD EDGDü ZSá\Z ]PLDQ VWUXNWXU\ XNáDGX FLHSOQHJR EąGĨ MHJR Z\EUDQ\FK

SDUDPHWUyZ QD HIHNW\ HQHUJHW\F]QH L HNRORJLF]QH FR MHVW FHOHP WHM SUDF\ : LQVWDODFMDFK

WHFKQLF]Q\FK Z W\P HQHUJHW\F]Q\FK GXĪHM PRF\ PRGHORZDQLH PD RJURPQH ]QDF]HQLH

:SURFHVDFK SURMHNWRZDQLD L HNVSORDWDFML LQVWDODFML HQHUJHW\F]Q\FK PRGHOH PDWHPDW\F]QH

VWDQRZLü PRJą SRGVWDZĊ SU]HZLG\ZDQLD ZáDVQRĞFL U]HF]\ZLVWHJR RELHNWX SU]HELHJX

LVNXWNyZDQDOL]RZDQ\FKSURFHVyZ>@

: EDGDQLDFK ZSá\ZX ]PLDQ SDUDPHWUyZ XNáDGX FLHSOQHJR EORNyZ HQHUJHW\F]Q\FK

]DFKRG]LSRWU]HEDSURZDG]HQLDZLHORNURWQ\FKLSUDFRFKáRQQ\FKREOLF]HĔELODQVRZ\FK0DWR

PLHMVFH Z V]F]HJyOQRĞFL SU]\ EDGDQLX ZSá\ZX ]PLDQ VFKHPDWX FLHSOQHJR XNáDGX 3U]\

ZLHORZDULDQWRZ\FK REOLF]HQLDFK SURMHNWRZ\FK L V\PXODF\MQ\FK PRĪOLZD MHVW EXGRZD

ZáDVQ\FKPRGHOLPDWHPDW\F]Q\FKLSURFHGXUREOLF]HQLRZ\FK-HVWWR]Z\NOHMHGQDN]DGDQLH

F]DVRFKáRQQH JG\Ī SU]\ ]PLDQDFK NRQILJXUDFML XNáDGX QDOHĪ\ RSUDFRZDü NROHMQH PRGHOH

PDWHPDW\F]QH >@ 3U]\ UR]EXGRZDQ\FK XNáDGDFK ]Z\NOH RWU]\PXMH VLĊ VNRPSOLNRZDQH

XNáDG\ UyZQDĔ NWyU\FK UR]ZLą]DQLH Z\PDJD UR]ZLQLĊW\FK PHWRG QXPHU\F]Q\FK RUD]

RGSRZLHGQLHJR RSURJUDPRZDQLD 3R]D W\P Z\PDJD WR RG SURMHNWDQWD V]HURNLHM ZLHG]\

WHRUHW\F]QHM L SUDNW\F]QHM 'ODWHJR WHĪ NRU]\VWD VLĊ ] Z\VSHFMDOL]RZDQ\FK SURJUDPyZ

NRPSXWHURZ\FK SR]ZDODMąF\FK QD VWRVXQNRZR SURVWH WZRU]HQLH PRGHOL L ZLHORZDULDQWRZą

DQDOL]ĊXNáDGyZ

0RGHO XNáDGX FLHSOQHJR RSUDFRZDQR ]D SRPRFą SURJUDPX ELODQVRZHJR *DWH&\FOH⁷⁰

NWyU\ PD ]DVWRVRZDQLH Z REOLF]HQLDFK WHUPRG\QDPLF]Q\FK XNáDGyZ HQHUJHW\F]Q\FK

(2)

0:2à2:,&=.%$'<'$-0,/(:6., ZVWDQDFKXVWDORQ\FK3R]ZDODRQQDWZRU]HQLHPRGHOXNRPSOHNVRZHJRRELHJX]DSRPRFą

JRWRZ\FKHOHPHQWyZZ\PDJDMąF\FKZF]HĞQLHMV]HJRVNDOLEURZDQLDUyZQDQLDPDWHPDW\F]QH

SU]\SLVDQH Vą GR SRV]F]HJyOQ\FK HOHPHQWyZ 'DMH UyZQLHĪ PRĪOLZRĞü Z\ERUX UyĪQ\FK

PHWRG REOLF]HQLRZ\FK SRV]F]HJyOQ\FK XU]ąG]HĔ D DQDOL]D ELODQVRZD VXEVWDQFML L HQHUJLL

XZ]JOĊGQLDU]HF]\ZLVWHFKDUDNWHU\VW\NLHQHUJHW\F]QHXU]ąG]HĔGODVWDQyZXVWDORQ\FK

02'(/8.à$'8&,(3/1(*2

2SLVUR]SDWU\ZDQHJRXNáDGXL]DáRĪHQLDGREXGRZ\PRGHOX

:LĊNV]RĞü SDUDPHWUyZ QLH]EĊGQ\FK GR SU]HSURZDG]HQLD REOLF]HĔ ELODQVRZ\FK ]RVWDáD SU]\MĊWDMDNGODXNáDGXFLHSOQHJREORNXQDGNU\W\F]QHJRHOHNWURZQL%HáFKDWyZ ,,WDEHOD RUD] GDQ\FK OLWHUDWXURZ\FK >@ 3DUDPHWU\ NWyUH QLH Vą MHGQR]QDF]QLH RNUHĞORQH

ZGRVWĊSQ\FKPDWHULDáDFKĨUyGáRZ\FK]RVWDá\]DáRĪRQHQDSRGVWDZLHGDQ\FK]DF]HUSQLĊW\FK

]QDMQRZRF]HĞQLHMV]\FK LVWQLHMąF\FK QD ĞZLHFLH RELHNWyZ WHM NODV\ V]F]HJyOQLH Z\VRNR

UR]ZLQLĊWHMQLVNRHPLV\MQHMHQHUJHW\NLZĊJORZHM1LHPLHFRUD]QDSRGVWDZLHGRĞZLDGF]HQLD

DXWRUyZQLQLHMV]HJRDUW\NXáX

7DEHOD3RGVWDZRZH]DáRĪHQLDGRREOLF]HĔ

/S 1D]ZD]DNáDGDQHMZDUWRĞFL :DUWRĞü

:\GDWHNSDU\ĞZLHĪHM NJV

&LĞQLHQLHSDU\ĞZLHĪHM EDU

7HPSHUDWXUDSDU\ĞZLHĪHM &

&LĞQLHQLHZVNUDSODF]X EDU

&LĞQLHQLHQDZ\ORFLH]F]ĊĞFL:3WXUELQ\ EDU

&LĞQLHQLH]DSRPSąNRQGHQVDWX EDU

&LĞQLHQLH]DSRPSąZRG\]DVLODMąFHM EDU

&LĞQLHQLHZXSXĞFLHF]ĊĞFL13WXUELQ\ EDU

0LQUyĪQLFDWHPSQDJRUąF\PNRĔFXZ\PLHQQLND .

3U]HFKáRG]HQLHVNURSOLQZZ\PLHQQLNX .

3U]\MĊWR XNáDG UHIHUHQF\MQ\ ZHGáXJ VFKHPDWX %HáFKDWyZ ,, 6NáDGD VLĊ RQ ] WXUELQ\

XSXVWRZRNRQGHQVDF\MQHM NRWáD VNUDSODF]D F]WHUHFK SRGJU]HZDF]\ UHJHQHUDF\MQ\FK

QLVNRSUĊĪQ\FK GZyFK SRGJU]HZDF]\ UHJHQHUDF\MQ\FK Z\VRNRSUĊĪQ\FK RGJD]RZ\ZDF]D

SRPS\NRQGHQVDWXRUD]SRPS\ZRG\]DVLODMąFHM7XUELQDXSXVWRZRNRQGHQVDF\MQDVNáDGDVLĊ

]F]ĊĞFLZ\VRNRSUĊĪQHM:3NRUSXVMHGQRZ\ORWRZ\F]ĊĞFLĞUHGQLRSUĊĪQHM63NRUSXV

GZXZ\ORWRZ\ F]ĊĞFL QLVNRSUĊĪQHM 13 NRUSXV\ GZXZ\ORWRZH -DNR ĪH ZV]\VWNLH

NRUSXV\F]ĊĞFL13WXUELQ\PDMąLGHQW\F]QHSDUDPHWU\GRGDOV]\FKUR]ZDĪDĔSU]\MĊWRF]ĊĞü

13MDNRMHGHQNRUSXV&]ĊĞü:3WXUELQ\]DVLODQDMHVWSDUąĞZLHĪąEH]SRĞUHGQLR]NRWáD3DUD

Z\ORWRZD ] F]ĊĞFL :3 NLHURZDQD MHVW ] SRZURWHP GR NRWáD SU]HJU]HZ ZWyUQ\ RUD] GR

MHGQHJR]Z\PLHQQLNyZUHJHQHUDFMLZ\VRNRSUĊĪQHMZVWRVXQNXRN&]ĊĞü63WXUELQ\

]DVLODQD MHVW SDUą SU]HJU]DQą ] SU]HJU]HZDF]D 3DUD Z\ORWRZD ] F]ĊĞFL 63 NLHURZDQD MHVW

EH]SRĞUHGQLRGRF]ĊĞFL13RUD]]DVLODMHGHQ]Z\PLHQQLNyZUHJHQHUDFMLQLVNRSUĊĪQHM&]ĊĞü

63SRVLDGDGZDXSXVW\-HGHQ]DVLODRGJD]RZ\ZDF]RUD]WXUELQĊQDSĊG]DMąFąSRPSĊZRG\

]DVLODMąFHMDGUXJLFKáRGQLFĊSDU\MHGQHJR]Z\PLHQQLNyZUHJHQHUDFMLZ\VRNRSUĊĪQHM&]ĊĞü

13WXUELQ\]DVLODQDSDUąZ\ORWRZą]F]ĊĞFL63SRVLDGDXSXVW\]DVLODMąFHSRGJU]HZDF]H

UHJHQHUDF\MQH QLVNRSUĊĪQH 3DUD Z\ORWRZD ] F]ĊĞFL 13 NLHURZDQD MHVW EH]SRĞUHGQLR GR

(3)

02'(/.21'(16$&<-1(*2%/2.8(1(5*(7<&=1(*2./$6<0:«

VNUDSODF]D .RFLRá MHVW NRQVWUXNFML SU]HSá\ZRZHM QD SDUDPHWU\ QDGNU\W\F]QH :\GDMQRĞü

PDNV\PDOQDWUZDáDSDU\ĞZLHĪHMZ\QRVLWK3DUDPHWU\SDU\ĞZLHĪHMWRRNEDUyZ

L & D SDUDPHWU\ SDU\ ZWyUQHM WR RN EDUyZ L & =DVWRVRZDQR SRGVWDZRZH

SRPS\ SRPSĊ ZRG\ ]DVLODMąFHM RUD] SRPS\ NRQGHQVDWX 3RPSD ZRG\ ]DVLODMąFHM

QDSĊG]DQDMHVWWXUELQąSDURZą]DVLODQą]XSXVWXF]ĊĞFL63WXUER]HVSRáX7XUELQDQDSĊG]DMąFD

SRPSĊSRVLDGDZáDVQ\VNUDSODF]]NWyUHJRVNURSOLQ\ZWáDF]DQHVąGRVNUDSODF]DJáyZQHJR

3RPSDWDSRGQRVLFLĞQLHQLH]RNEDUyZGREDUyZ3RPS\NRQGHQVDWXQDSĊG]DQHVą

VLOQLNDPL HOHNWU\F]Q\PL 3RGQRV]ą FLĞQLHQLH RG EDUD FLĞQLHQLH Z VNUDSODF]X GR

EDUyZ 0RF W\FK SRPS WR RN 0: :\VWĊSXMą MHV]F]H GZLH SRPS\ SU]HWáDF]DMąFH

VNURSOLQ\]Z\PLHQQLNyZUHJHQHUDF\MQ\FK,FKPRFWR0:L0:8NáDGSRVLDGD

F]WHU\ Z\PLHQQLNL UHJHQHUDF\MQH QLVNRSUĊĪQH RUD] GZD Z\PLHQQLNL UHJHQHUDF\MQH

Z\VRNRSUĊĪQH7U]\Z\PLHQQLNLUHJHQHUDF\MQHQLVNRSUĊĪQH]DVLODQHVą]XSXVWyZF]ĊĞFL13

WXUELQ\ D MHGHQ ] XSXVWX F]ĊĞFL 63 WXUELQ\ = GZyFK Z\PLHQQLNyZ UHJHQHUDF\MQ\FK

QLVNRSUĊĪQ\FK VNURSOLQ\ RGSURZDG]DQH Vą NDVNDGRZR GR SRSU]HGQLHJR Z\PLHQQLND RUD]

RGJD]RZ\ZDF]D D ] SR]RVWDá\FK GZyFK ]D SRPRFą SRPS ZWáDF]DQH Vą ]D Z\PLHQQLN

:\PLHQQLNLUHJHQHUDF\MQHZ\VRNRSUĊĪQH]DVLODQHVą]XSXVWyZF]ĊĞFL:3RUD]63WXUELQ\

6ą RQH Z\SRVDĪRQH Z FKáRGQLFH SDU\ RUD] FKáRGQLFH VNURSOLQ SU]\ F]\P FKáRGQLFD SDU\

Z\PLHQQLND R QLĪV]\FK SDUDPHWUDFK MHVW XPLHMVFRZLRQD ]D Z\PLHQQLNLHP R Z\ĪV]\FK

SDUDPHWUDFK

7ZRU]HQLHPRGHOXXNáDGXFLHSOQHJR

'RFHORZ\ PRGHO XNáDGX FLHSOQHJR SRZVWDZDá ÄNURN SR NURNX´ %\á RQ VXNFHV\ZQLH X]XSHáQLDQ\RHOHPHQW\PRGXá\DĪGRSRZVWDQLDPRGHOXXNáDGXQDMEDUG]LHM]EOLĪRQHJRGR

WHJRW\SXLVWQLHMąF\FKQDĞZLHFLHRELHNWyZ

5\V0RGHOXNáDGXFLHSOQHJREORNXNODV\0:

: NDĪG\P NURNX ]RVWDáD RNUHĞORQD NRQILJXUDFMD XNáDGX RUD]]RVWDá\ Z\EUDQH PRGXá\ ]

ED]\ GDQ\FK GRVWĊSQ\FK XU]ąG]HĔ 1DVWĊSQLH RNUHĞORQR Z]DMHPQH SRáąF]HQLD SRPLĊG]\

SRV]F]HJyOQ\PL HOHPHQWDPL RUD] ]GHILQLRZDQR VWUXPLHQLH ELODQVRZH .ROHMQą F]\QQRĞFLą

E\áR RNUHĞOHQLH GDQ\FK WHFKQLF]Q\FK SRV]F]HJyOQ\FK XU]ąG]HĔ RUD] ZSURZDG]HQLH

RJUDQLF]HĔL]GHILQLRZDQLHPHWRGREOLF]HQLRZ\FKGODZ\EUDQ\FKPRGXáyZ

(4)

0:2à2:,&=.%$'<'$-0,/(:6.,

7(25,$

7XUELQDSDURZDMHVWQDMZDĪQLHMV]\PHOHPHQWHPPRGHOXPDWHPDW\F]QHJRVLáRZQLFLHSOQHM

:\PDJDQH MHVW ]DWHP DE\ PRGHO WHJR XU]ąG]HQLD E\á PRĪOLZLH GRNáDGQ\ L XZ]JOĊGQLDá

LVWRWQH ]MDZLVND IL]\F]QH %DUG]R ZDĪQH MHVW GRĞü GRNáDGQH ]DPRGHORZDQLH WXUELQ\

SR]ZDODMąFH QD X]\VNLZDQLH SRSUDZQ\FK Z\QLNyZ QLH W\ONR SU]\ SUDF\ Z REUĊELH SXQNWX

REOLF]HQLRZHJR DOH Z V]HURNLP ]DNUHVLH REFLąĪHĔ : FHOX X]\VNDQLD FKDUDNWHU\VW\N SUDF\

WXUELQ\ SDURZHM Z ]PLHQLRQ\FK ZDUXQNDFK WM SUDF\ SU]\ F]ĊĞFLRZ\P REFLąĪHQLX LOXE

]PLHQLRQ\FKSDUDPHWUDFKWHUPRG\QDPLF]Q\FKF]\QQLNDSRĪąGDQHMHVWQLH]DOHĪQHSRGHMĞFLH

GRZHZQĊWU]Q\FKL]HZQĊWU]Q\FKFKDUDNWHU\VW\NWXUELQ\=HZQĊWU]QDFKDUDNWHU\VW\NDWXUELQ\

RGQRVL VLĊ GR ]DOHĪQRĞFL SRPLĊG]\ VWUXPLHQLDPL SDU\ D SDUDPHWUDPL WHUPRG\QDPLF]Q\PL

&KDUDNWHU\VW\ND ZHZQĊWU]QD RGQRVL VLĊ GR ]PLDQ\ VSUDZQRĞFL ]ZLą]DQHM ]H ]PLHQLRQ\PL

ZDUXQNDPLSUDF\WXUELQ\

0HWRGą VWRVRZDQą GR Z\]QDF]DQLD VSUDZQRĞFL PRGHORZDQ\FK WXUELQ SDURZ\FK MHVW

RSUDFRZDQDZ86$PHWRGDZ\NRU]\VWXMąFDGDQHGRĞZLDGF]DOQHRUD]]DOHĪQRĞFLWHRUHW\F]QH

]ZDQDPHWRGą6&&>@QD]ZDSRFKRG]LRGQD]ZLVNMHMWZyUFyZ6SHQFHU&RWWRQ&DQQRQ

0HWRGD WD MHVW ]DOHFDQD SU]H] $PHULFDQ 6RFLHW\ RI 0HFKDQLFDO (QJLQHHULQJ GR REOLF]DQLD

VSUDZQRĞFL WXUELQ SUDFXMąF\FK Z NRQZHQFMRQDOQ\FK HOHNWURZQLDFK 3RQLHZDĪ PHWRGD 6&&

MHVWG]LĞZ\NRU]\VW\ZDQDZNRPHUF\MQ\PRSURJUDPRZDQLXGRVWĊSGRV]F]HJyáRZHJRRSLVX

MHVWXWUXGQLRQ\

2JyOQHRVLąJLWXUELQ\SDURZHM]DOHĪąRGRVLąJyZSRV]F]HJyOQ\FKVWRSQLWXUELQRZ\FKF]\

VHNFMLWXUELQ\2VLąJLWHPRJąE\üGREU]HRV]DFRZDQHQDSRGVWDZLH

x VSUDZQRĞFL L]HQWURSRZHM Z\]QDF]DQHM GOD NDĪGHM VHNFML WXUELQ\ QD SRGVWDZLH

SU]HSá\ZX REMĊWRĞFLRZHJR VWRVXQNX FLĞQLHĔ FLĞQLHQLD L WHPSHUDWXU\ SRF]ąWNRZHM

RUD]RGNRQVWUXNFMLVWRSQLDUHJXODF\MQHJRMHĞOLZ\VWĊSXMHZGDQHMVHNFML

x VWUDW\Z\ORWRZHM

x VWUDWZ\QLNDMąF\FK]SU]HFLHNDQLDSDU\SU]H]XV]F]HOQLHQLDL]DZRU\

x VWUDWPHFKDQLF]Q\FK

x VWUDWSRZVWDá\FKZJHQHUDWRU]H

0HWRGD6&&XZ]JOĊGQLDUyZQLHĪ]PLDQ\VSUDZQRĞFL]ZLą]DQH]SRVWĊSXMąF\PSRVRELH

]DP\NDQLHP]DZRUyZUHJXODF\MQ\FK:\NRU]\VW\ZDQHVą]DOHĪQRĞFLRSLVXMąFH]PLHQLDMąF\

VLĊVWRVXQHNFLĞQLHĔSU]HGL]DVWRSQLHPUHJXODF\MQ\PZ]DOHĪQRĞFLRGSRáRĪHQLD]DZRUyZ

%UDNMHVWMHGQDNGRNáDGQ\FKLQIRUPDFMLQDWHQWHPDW

:<1,.,2%/,&=(ē,:1,26.,

:\QLNLREOLF]HĔQXPHU\F]Q\FKRWU]\PDQ\FK]SURJUDPX*DWH&\FOH⁷⁰]RVWDá\SRUyZQDQH

] GDQ\PL RWU]\PDQ\PL RG SURGXFHQWyZ L GRVWDZFyZ XU]ąG]HĔ RUD] ] XNáDGHP

]DSURMHNWRZDQ\P SU]H] ILUPĊ $OVWRP &]ĊĞü ] QLFK GOD SRUyZQDQLD ]RVWDáD ]HVWDZLRQD

ZWDEHOL3RGDQH]RVWDá\UyZQLHĪUyĪQLFHSURFHQWRZHSRPLĊG]\ZDUWRĞFLDPLUHIHUHQF\MQ\PL

DREOLF]RQ\PL

7DEHOD:\EUDQHZDUWRĞFLUHIHUHQF\MQHLREOLF]RQHRUD]UyĪQLFHPLĊG]\QLPL

/S 1D]ZDZDUWRĞFL :DUWRĞüUHI :DUWRĞüREO

0RFHOHNWU\F]QDEUXWWR 0: 0:

0RFWXUERSRPS\ 0: 0:

(5)

02'(/.21'(16$&<-1(*2%/2.8(1(5*(7<&=1(*2./$6<0:«

7HPSHUDWXUDZRG\]DVLODMąFHM & &

7HPSZRG\]DSLHUZV]\PZ\PUHJ & &

7HPSHUDWXUDVNURSOLQ & &

5yĪQLFH SRPLĊG]\ ZDUWRĞFLDPL UHIHUHQF\MQ\PL D REOLF]RQ\PL MDN ZLGDü Z WDEHOL Vą

QLHZLHONLH 6SRZRGRZDQH Vą SUDZGRSRGREQLH QLHGRNáDGQRĞFLą REOLF]HĔ RUD]

QLHXZ]JOĊGQLHQLHPSHZQ\FK]MDZLVNZ\VWĊSXMąF\FKZU]HF]\ZLVW\PRELHNFLHWDNLFKMDN

x VWUDW\SU]HSá\ZyZZUXURFLąJDFK

x SU]HFLHNLZWXUELQLH

x VWUDW\GáDZLHQLDQD]DZRUDFK

5\V=DOHĪQRĞüPRF\WXUELQ\RGSU]HSá\ZXSDU\GODUyĪQ\FKZDULDQWyZREOLF]HĔ 1D U\V ]DSUH]HQWRZDQD MHVW ]DOHĪQRĞü PRF\ WXUELQ\ RG SU]HSá\ZX SDU\ /LQLD MDVQRQLHELHVNDRSLVDQDMDNRGHVLJQSRLQWMHVWWRDSURNV\PDFMDZ\OLF]RQ\FKZDUWRĞFLPRF\

WXUELQ\ Z SXQNWDFK NRQVWUXNF\MQ\FK GOD UyĪQ\FK ZDUWRĞFL SU]HSá\ZX SDU\ ĞZLHĪHM /LQLD

FLHPQRQLHELHVND RSLVDQD MDNR RIIGHVLJQ WXUELQ\ MHVW WR FKDUDNWHU\VW\ND SUDF\ WXUELQ\ Z

]PLHQLRQ\FKZDUXQNDFK-DNZLGDüQDZ\NUHVLHVSUDZQRĞüWXUELQ\ZWU\ELHRIIGHVLJQMHVW

QLĪV]D QLĪ Z SXQNFLH NRQVWUXNF\MQ\P 0RGHO ]EXGRZDQ\ QD SRGVWDZLH SURJUDPX

*DWH&\FOH⁷⁰RGSRZLDGDU]HF]\ZLVW\PFKDUDNWHU\VW\NRPJUXSVWRSQL

/,7(5$785$

%DG\GD . =DJDGQLHQLD PRGHORZDQLD PDWHPDW\F]QHJR LQVWDODFML HQHUJHW\F]Q\FK 5R]SUDZDKDELOLWDF\MQD3ROLWHFKQLND:DUV]DZVND

1LHZLĔVNL * %DGDQLH ZáDVQRĞFL G\QDPLF]Q\FK WXUER]HVSRáX SDURZHJR GXĪHM PRF\

3UDFDGRNWRUVND3ROLWHFKQLND:DUV]DZVND

)O\QQ'HG7KHUPDOSRZHUSODQWVLPXODWLRQDQGFRQWURO/RQGRQ7KH,QVWLWXWLRQRI

(OHFWULFDO(QJLQHHUV

3U]HSá\ZSDU\

0RFWXUELQ\

GHVLJQSRLQW RIIGHVLJQWXUELQ\

(6)

0:2à2:,&=.%$'<'$-0,/(:6.,

1LHZLĔVNL * 0RGHO PDWHPDW\F]Q\ WXUER]HVSRáX SDURZHJR Ä0RGHORZDQLH

,QĪ\QLHUVNLH´QUV

:\EUDQH PRGHOH PDWHPDW\F]QH Z GLDJQRVW\FH L V\PXODFML SURFHVyZ FLHSOQR

SU]HSá\ZRZ\FK Z LQVWDODFMDFK HQHUJHW\F]Q\FK ± SRG UHGDNFMą 5DIDáD /DVNRZVNLHJR L

-DQXV]D/HZDQGRZVNLHJR:DUV]DZD:\G1DXN,QVW7HFK(NVSO3,%

&KPLHOQLDN7=LĊELN$2ELHJLFLHSOQHQDGNU\W\F]Q\FKEORNyZZĊJORZ\FK*OLZLFH

:\G3ROĝO

6SHQFHU5&&RWWRQ.&DQG&DQQRQ&1$PHWKRGIRUSUHGLFWLQJWKHSHUIRUPDQFHRI

VWHDP WXUELQH JHQHUDWRUV N: DQG ODUJHU %LXO 7HFK ILUP\ *HQHUDO (OHFWULF

V\PERO*(5&OLSLHF

02'(/2)0:&21'(16$7,2132:(53/$17

81,786,1**DWH&\FOH

⁷⁰

$33/,&$7,21

6XPPDU\ 7KH SDSHU SUHVHQWV WKH PRGHO RI 0: VXSHUFULWLFDO FRQGHQVLQJ SRZHUSODQWXQLW7KHDVVXPSWLRQIRUEXLOGLQJDPDWKHPDWLFDOPRGHORIWKHUPDO

V\VWHPDQGGLVFXVVHVWKHGLIIHUHQWJURXSVRISDUWLDOPRGHOVLQGLYLGXDOPDFKLQHV

DQGHTXLSPHQWVXFKDVWXUELQHKHDWH[FKDQJHUHWFZKLFKDUHSDUWRIWKHZKROH

V\VWHPWRJHWKHUZLWKWKHLUSDUDPHWHUVDQGFKDUDFWHULVWLFVDGRSWHGWRPRGHODUH

SUHVHQWHG0RGHORIWKHUPDOV\VWHPZDVGHYHORSHGXVLQJWKHSRZHUSODQWGHVLJQ

DQGVLPXODWLRQVRIWZDUH*DWH&\FOH⁷⁰DOORZLQJWKHFUHDWLRQRIDFRPSUHKHQVLYH

PRGHO RI SRZHU SODQW F\FOH XVLQJ UHDG\PDGH HOHPHQWV WKDW UHTXLUH SULRU

FDOLEUDWLRQHTXDWLRQVDUHDVVLJQHGWRLQGLYLGXDOLWHPV7DUJHWPRGHORIWKHUPDO

V\VWHP ZDV EXLOW VWHS E\ VWHS 7KH EDVLF PRGHO ZDV WKH VLPSOHVW SRVVLEOH

V\VWHPZKLFKZDVVXEVHTXHQWO\VXSSOHPHQWHGE\WKHHOHPHQWVPRGXOHVXSWRD

PRGHORIWKHFORVHVWWRWKHVHNLQGH[LVWLQJREMHFWVLQWKHZRUOG$WHDFKVWHSWKH

V\VWHPFRQILJXUDWLRQZDVGHWHUPLQHGDQGWKHPRGXOHVKDYHEHHQVHOHFWHGIURPD

GDWDEDVH RI DYDLODEOH GHYLFHV 7KHQ WKH LQWHUFRQQHFWLRQ EHWZHHQ WKH HOHPHQWV

ZDV GHILQHG DQG WKH EDODQFH VWUHDPV ZHUH GHWHUPLQHG 7KH QH[W VWHS ZDV WR

GHWHUPLQH WKH WHFKQLFDO GDWD DQG OLPLWDWLRQV IRU HDFK GHYLFH DQG WR GHILQH WKH

FDOFXODWLRQPHWKRGVIRUVHOHFWHGPRGXOHV

02'(/.21'(16$&<-1(*2%/2.8(1(5*(7<&=1(*2